Thursday, April 20, 2023

The requirements for a free market

There doesn't seem to be a consensus on this, but the themes seems similar.

Here are some opinions

From the Students for Liberty:

Free markets usually encompass the principles of
- private property
- capitalism
- individual rights.

From the U.S. Department of Agriculture:

Our business system is based upon four basic principles:
 (1) freedom of choice
 (2) private property rights
 (3) profit motive of owners
 (4) owner control.

From Investopedia:

The U.S. economic system of free enterprise has five main principles:
- the freedom for individuals to choose businesses,
- the right to private property,
- profits as an incentive,
- competition,
- consumer sovereignty.

From Wikipedia:

Central characteristics of capitalism include
capital accumulation
competitive markets
- a price system
- private property and the recognition of property rights
voluntary exchange
wage labor.